Charitable contributions are deductible, says the IRS, only if you itemize deductions. And further, they are deductible only if you make contributions to qualified charitable organizations. The tax agency reminds us that contributions to individuals are never deductible.
Before you open your checkbook, volunteer your time or even open that mail from another charity, you need to clarify your values:
The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made a habit of deducting their charitable contributions.
If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things:
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